Specialist insurer Ecclesiastical has warned that rising crime concerns among high-net-worth (HNW) individuals could have direct implications for underwriting, pricing and claims handling across the private client insurance market.
Its latest survey of 250 HNW individuals found that more than half (54%) reported being victims of crime in the past year, the highest level in three years. Nearly three quarters (74%) said they were more concerned about their family’s safety, while almost half (45%) believed they were direct targets for criminals.
For insurers, the findings highlight both risk and opportunity. Clients who have experienced crime are increasing sums insured, investing in security reviews and installing measures such as CCTV, alarms, reinforced locks and certified safes. These upgrades can strengthen underwriting outcomes and mitigate future losses, though they also signal rising client expectations of tailored cover.
The research also revealed behavioural shifts: two-thirds of respondents purchased replica items as decoys in the past year, while nearly half reported unknowingly acquiring counterfeits. Such trends raise questions for insurers over valuation, provenance checks and claims settlement where authenticity is disputed.
Sarah Willoughby (pictured top right), art & private client business director at Ecclesiastical, said: “With ongoing economic instability and continuing cost-of-living crisis, those who have more to lose are becoming a greater target for criminals. Brokers play an important role in helping high-net-worth clients understand the risks they are facing and in ensuring they have the right cover and protection in place.”
From an underwriting perspective, rising crime exposure may influence risk appetite and pricing across HNW portfolios. Greater claims frequency, particularly for theft and burglary, could increase pressure on rates. At the same time, insurers may see an opportunity to reward clients who invest in advanced security measures or adopt best-practice risk management.
Looking ahead, insurers may also explore new policy features to respond to changing client behaviours. These could include replica item clauses to clarify coverage, authenticity verification services to reduce disputes, or premium incentives linked to enhanced security standards.
Longer term, analysts suggest the HNW insurance market could shift further towards a prevention-first model, with policies bundled alongside security consultancy, valuation expertise and digital monitoring services. Closer collaboration between insurers, brokers and private security specialists may become standard, as wealthier clients demand not just indemnity for losses but holistic protection of assets and personal safety.
The insurer said early engagement by brokers on security, authenticity and valuation issues will be key to reducing claims disputes and aligning coverage with client expectations.
